20 December 2013
A Pvt Ltd co is a partner in a US based firm and receives 20,000 US$ as Share of Loss and 70,000 US$ as Share of Profit from two different firms.
Now, Could i Set off Loss and if yes from where in Indian Income or in US income?
And in US tax is 40% and in India tax is 30% for such business income, so where i am liable to pay tax?
And if Pvt ltd co paid its tax at US @ 40% then could i get refund or any relief from my Indian Income??
What is the exact tax treatment in this transaction?
CAclubindia
